Should Couples Lease or Buy a New Car?
Leasing of vehicles is popular, and both demand
and supply have been growing steadily for years, and for good reason. Lessees
appreciate the benefits, as low monthly costs in a limited and manageable time
frame has its conveniences, and if you are new to this, this guide to leasing should be a good start. So, should a couple lease or buy a new car?
The following are some of the factors to consider before making the decision.
The
Maintenance Costs
Regardless of whether a vehicle is bought or
leased, it goes without saying that maintenance costs will be there and for the
latter; they will be independent upon the leasing contract. In many lease contracts,
the costs for regular service and comprehensive insurance are already included.
However, fuel and related daily expenses are incurred differently, based on the
make, and how the vehicle is used. For couples looking to lease a car, this
should be calculated along with the overall monthly budget, while factoring in the
duration in which they intend to use it. A bit of research should be done before
deciding on the right model to lease.
Freeing
Up Money
Although the money to buy a new car may be
available, it can be at times better if it just remains in a savings account,
or used for more pressing matters and emergencies. Leasing gives couples the
ability to do this, as well as allowing them to regularly replace cars,
according to their tastes and preferences, so long as they can afford the lease
payments.
The
Good Credit Question
When entering into a lease agreement, a deposit
is usually made, and varies depending on the car model. If a couple cannot or
does not want to raise the sum, leasing is normally possible without a down
payment. However, sufficient creditworthiness in many cases must be proven. For
a contract without a down payment, it is also worth noting that the monthly
instalments will likely be much higher. The total amount may ultimately remain
the same, with the costs only spread in a different way.
What’s
Affordable?
The amount of monthly payments in the case of car
leasing is influenced by several factors. For example, if a down payment is not
made, the fees usually increase. The overall value of the vehicle that they
intend to lease also determines this. Understandably, those who choose the less
expensive and smaller-sized cars, usually stand to pay significantly lower
figures than clients who go for a luxury-class SUV, for example.
The
Convenience Factor
For couples that need to use a personal car to go
to work every day, leasing due to unavoidable circumstances is reasonable.
Events such as a car accident or loss due to theft, and related issues can
leave a couple with few options, especially if they do not have the cash at
hand to immediately buy a replacement. In such cases, leasing will be a cheaper
alternative to buying a new one. If, however, buying a used car is a
preference, this guide offers reliable information.
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